Bac
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Worldwide banking giant Citigroup finally opened its first branch in Boston yesterday, heralding what could become the biggest shake-up of Hub banking in years.
Chief Executive Chuck Prince said the new branch on Boylston Street will only be the first of thirty to open in the next year, creating hundreds of new jobs.
Prince is using the entry into the Hub to try out a new business model, which includes Smith Barney advisers in the branches.
300 ytd. Should close out '06 around 360. What does that prove? I don’t even remember what the original discussion was about any more…
NOFX had posted that we should baically grin and bear it. I’m not sure after several years with this outfit and how much and bothersome the change is that I can anymore. Can you really say that you can bear it much longer NOFX??
I'm not telling you to grin and bear it. No one should do that anywhere. I am telling you to figure out what part of the firm you can use to your advantage. If Premier isn't working for you find another avenue - pull their customer (they'll call them clients) list and call them yourself - then don't put the CM ISR# on it when you do business. There are THOUSANDS of mutual fund accounts held direct and abandoned there - ask your MD for a list and call them - you'll get more when you bring in the assets. Reach out to business bankers and partner with them for 401(k) business (starting in '07 they will get a big credit toward their bonus for a referral). Go to your banking center and ask for high balance lists. Refer a mortgage to the mortgage specialist - they will start bringing you in.
You have a lower payout than most wire houses because of what the firm provides (or thinks they provide). If you cant take advantage of it - or you don't think they provide enough, - move on. Each one of the above ideas is do-able. I have either done them or know people who have.
Face it, Q&R was fun and easy and we were treated very well. We had to start over 2 years ago. In case you haven't noticed, BAI doesn't really care if we like the model and it's not going to get any better. I truly agree - there is a lot here that kills the entrepreneurial spirit and we are run by bankers who don't get the business - by the same token - after being a stock jockey for ten years before coming to the bank (dark?) side, I'll handle a lot of the BS because of the access to real clients. After 5 years here (Q&R + BAI) , my book is ten times bigger that at any point in my previous 10 years.
As an aside, EZ$ - Can really look in the mirror and say you are giving it everything? If you can (and I am not doubting you), then there is nothing wrong with leaving. Hell - if you've been here for a while, you probably have a healthy book to go independant. You will be amazed how easy it is. You will wonder why you didn't do it years ago! Sorry for the rant - I'm hopped up on cold medicine.
I can't say I have worked it like I should. I can't work with a partner, and I don't see the value of premier with the exception of client lists. With 30 mill aum I am worried how much I'll take and how much I'll make.
However, I've had enough with the leverage that these amature premiers have as compared to some of the skilled salesman they have recruited amoungst the broker ranks. We literally have no leverage. If it's them or us, we are out . That bothers me alot. I hate this place.
ez i just left BAI and have been able to take 75% of the clients that I really wanted. The key is to plan to move in 6-8 mths or so and really ramp up your client contact…take them to lunch, golf whatever and talk to them about where you see things down the road in general terms. its all about your conection with the client and not the firm.
bankfa is right. Whoever calls the client the most will retain the relationship.
Believe me, I spent the first 6 months of this transition in the dumps - I interviewed with everyone. At the end of it all I decided to stay. I don't want to go back to slinging annuities and B shares ( Citizens, Sovereign, Infinex) and I don't want to go back to a wire house environment without prospect flow. Done right, this is the (theoretical) perfect combination of the two. If the CM comp plan hadn't been tweaked this summer, it would have been great.
A lot of the street is watching the BofA model to see if they can make it work. If they deliver on this model you will see the big , bank owned, firms follow - Citi, Wells, Wachovia etc. If they fail, it will be "I told you so". I feel like we are close to making this work - if they can back off the emphasis on credit and move back towards investments.
If it fails, independent IS the exit strategy. I would prefer to do that 10 years from now. Not 10 months from now.
unfortunately they will not move more towards investments. Loans and deposits is what makes them money. Think about it. BAI alone looses money for BAC. That is why Moynihan mereged Premier with BAI so that combined it looks like it makes money. BAI is all the liability with out any of the profits. It will only get worse. And - They do not care if you like it or not.
STAY AWAY! At this point - ONLY DESPERATE FOOLS WILL JOIN!!!
With literally no access to deposits because the premier gets penalized if they lose deposits. Their managers are telling the CM to not invest deposits in their book. Great isn't?? The perfect and most easiest place to convert deposits to investments, and we can't get to the big dollars(premier clients existing deposits)
I don't think this place is the perfect combination of anything. It's a complete and utter mess! I would much rather be indy having to bring in half the assets to make a good living and not having to deal with premier than to put up with these pompous bankers.
The premiers can't find new money. Most of them don't have the skills. We'll starve waiting for them to find new money. May as well be indy and prospect on my own. At least I would get paid well for bringing in new assets.
Banks make 350 bps on deposits, 125bps on investments. The idea isn’t to convert deposits to investments its to cross-sell existing clients into investments. Go on the ridiculous joint appointments, profile the customer and go after the wirehouse dollars. You have a captive audience to call, you just have to find the other assets. Believe me most wirehouse guys would kill to have a captive audience to call.